Connecticut knowledge corridor businesses profit, but future presents mixed bag
HARTFORD — A majority of companies located in the “Knowledge Corridor” that runs between New Haven and Springfield, Mass. turned a profit in 2017 and a greater number expect to be profitable in 2018.
However, their outlook for the future of the region’s growth is mixed, according to a survey released Wednesday by the group.
The survey, conducted every two years by the Connecticut Business and Industry Association and New England’s Knowledge Corridor found that less than a third of the 440 business leaders surveyed believe the region’s economy will improve next year. At least 38 percent believe it will remain stable, while 33 percent are expecting worsening conditions.
Businesses are split about the regional outlook for the next five years. Forty-six percent are optimistic about the region’s economy over that period, 44 percent are pessimistic, and 10 percent have no opinion.
The region is the second largest population, education, and economic center in New England and the nation’s 20th biggest metro region, ranked ahead of Denver and St. Louis, with twice the population density, according to the survey. The survey found that quality of life remains the greatest benefit for managing a business in the region.
But there are challenges too.